A High-Stakes Legal Battle
The legal battle between BinanceUS and the SEC continues as Judge Amy Jackson refers BinanceUS’s protective order motion to Magistrate Judge Faruqui. This puts BinanceUS in a bureaucratic web, accusing the SEC of exceeding the agreed-upon consent order.
BinanceUS’s Plea: An Honest Request or Just More Legal Jargon?
BinanceUS is requesting the court to keep their CEO and CFO away from the SEC’s depositions and reject the SEC’s unrelated demands. Are these requests unreasonable? You decide.
Former SEC Chief’s Insightful Predictions
John Reed Stark, a former SEC chief, accurately predicted the referral of BinanceUS’s protective order to Magistrate Judge Faruqui. Stark believes that while most of the SEC’s requests may be granted, some duplicative or overly broad requests may be eliminated. He also predicts an imminent DOJ lawsuit against Binance, which could complicate the proceedings.
Coinbase’s Parallel Battle with the SEC
Coinbase has filed a motion to dismiss the SEC lawsuit, claiming regulatory overreach. Senator Cynthia Lummis has even submitted an amicus brief supporting Coinbase. The question arises: is all this regulation and litigation truly beneficial for crypto companies, or is it just feeding the beast of big government?
Hot Take
The legal battle between BinanceUS and the SEC is becoming increasingly complex and uncertain. With predictions of a DOJ lawsuit and parallel battles with Coinbase, the future remains unclear for these crypto companies. It’s a high-stakes game that will greatly impact the crypto industry as a whole.
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